EU Gas Prices Soar 20% as Russia Threatens to Sanction Naftogaz

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An investigation is underway to discover if Nord Stream 1 and 2 pipelines were sabotaged and who did it if true. As this is going on, Russia is threatening to sanction Naftogaz. European gas prices soared nearly 20% on the news.

Reuters reports that Gazprom rejected all claims from Ukraine’s energy firm Naftogaz in arbitration proceedings over Russian gas transit. They had notified the arbitration court. The notice also said that Russia might introduce sanctions against Naftogaz in case it further pursues the arbitration case. That means Gazprom would be prohibited by the sanctions from paying Ukraine the transit fees.

Naftogaz had initiated a new arbitration proceeding against Gazprom earlier this month. They said the Russian company did not pay for the rendered service of gas transportation through Ukraine on time or in full.

Gazprom said on Tuesday that Naftogaz had no “appropriate reasons” to reject its obligations on transit via the Sokhranovka point. It is a key route for Russian gas exports to Europe.

In May, Ukraine suspended the flow of gas through Sokhranovka. It delivers almost a third of the fuel piped from Russia to Europe through Ukraine. They blamed Moscow for the move and said it would move the flows elsewhere.

As soon as that report came out, gas prices jumped nearly 20%. Europe might not have any Russian gas this winter,

“In practice, this will mean a ban on Gazprom from fulfilling obligations to sanctioned bodies under completed transactions, including financial transactions,” the company said.

Gazprom could be left with sending gas only via the TurkStream pipeline to Turkey and a handful of European countries that haven’t severed business ties with Russia.


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GuvGeek
GuvGeek
4 months ago

Putin is going to put the Thumb Screws on Europe and a cold winter will dissolve NATO and make a lot of US Enemies. It’s all Traitor Joe’s Fault. Remember, Friends come and go, but Enemies Accumulate. Something tells me that when we find out the Real Story about Ukraine, Covid, and the “Kool-Aid Vaccine”; America won’t have a friend in the World. We know who is pulling Traitor Joe’s Strings and this is now a life and death battle. Putin and the Russian Government is working in the best interest of the Russian People. I can’t say that about Traitor Joe, The Democrats, The Technocrats, and The Bureaucracy. Everything the US Government is going is like a Pump and Dump Operation on Wall Street. The Rats are stealing every they can from the Ship of State before they scuttle it.

The Prisoner
The Prisoner
4 months ago
Reply to  GuvGeek

It’s a very dire situation. There have been so many disasters in recent years that we are starting to accept them. But real trouble is coming. Real war is imminent. Energy price jumps and shortages face us this winter. (I think you are in a warmer climate.) We caused the war and the energy problems at home. Food shortages begin next year. Our government will react by creating trillions more debt. This is a historical failure as never has happened before. It was easily avoidable. As our country fails, the “opposition” party barely refers to it. Severe problems are certain.

GuvGeek
GuvGeek
4 months ago
Reply to  The Prisoner

No country has every borrowed itself into prosperity. Somehow Democrats think they can. Democrat voters don’t realize they are cannon fodder – literally. Once the Oligarchs think they have the upper hand the Deplorables can die for all they care. The Deplorables are Democrats too! What I don’t understand is who does the Oligarchs think will do the work needed to support the lifestyle they live. I have yet to see a practical zero emissions electric plane. All I see is a Cult with impractical and unworkable Ideologies.